Real Life Stories

Life Insurance: Newlyweds, new home owners, new parents - there’s no better time to get life insurance than when entering a phase of new responsibility in life. While times like these are when money is short, there are a variety of options for any budget. Remember, the younger you are when you first get insurance, the lower the price will be.

Jennifer, 31 and Dave, 34 got their first life insurance policies right before their wedding. Kaplan, Krauss & Levine LLC helped Jennifer choose a $500k, 30 year term policy with a “return of premium” option for $510 a year ($370 without the option). 30 years from now if she outlives the term, she will receive all her premiums back, totaling $15,300 - tax free! Dave chose a traditional $1 million, 30 year term policy for $960/year as this better suits his needs. We chose policies that lock in these premium rates for all 30 years.

Life Insurance: The Life Partners
Jim and John have been together over 20 years and depend on each other emotionally and financially. They purchased insurance and named each other as the beneficiary. They now have the improved confidence if something happens to either of them, their partner is well taken care of.

Life Insurance: The Policy Holder with the Outdated Product
Rudi, 28, had a “whole life” policy with a $100k death benefit purchased for him by his grandfather when he was a child. Kaplan, Krauss & Levine, LLC discovered the policy might require future payments depending upon the financial performance of the insurance company holding the policy. We were able to move the cash value from that policy to a new policy via a “§1035 tax free exchange.” The new policy was fully paid-up, meaning Rudi would never have to make another payment. Better yet, the new policy had a death benefit of $376k versus the $100k in the original policy.

Life Insurance: “The Previously Uninsurable”
Bob, 53, felt he would never qualify for life insurance because he had been declined in the past. Bob isn’t fond of doctors and does what he can to take care of himself, but because of a lack of medical history failed to meet the insurer’s requirements. Kaplan, Krauss & Levine, LLC was not only able to secure a policy for Bob, but one with a major insurance company that rated Bob a “Standard PLUS,” meaning Bob is better than average risk.

Life Insurance: New Product
A 64 year old woman asked Kaplan Krauss & Levine to review her $500,000 “Whole Life -Term Blend” policy, meaning the policy was a blend of 50% term and 50% whole-life insurance. The policy was purchased ten years ago and the current premium was $14,200/year. After an audit, we learned her premium would increase every year, and the next premium would exceed $16,000. Kaplan, Krauss & Levine, LLC was able to roll over her cash value (tax free) and obtain a policy for a guaranteed $500,000 with a fixed premium of $8,200/year. Additionally, we were able to negotiate a “Preferred” medical rating for her.

Life Insurance: Life Settlement
Mr. Williams was 79 years old. He owned a policy on himself that he no longer wanted or needed. The policy had a cash value of $81,000, meaning that if he cancelled the policy, he would receive $81,000. He came to Kaplan, Krauss and Levine, and we were able to sell his policy for $215,000.

Long Term Care: The Empty Nesters
A husband and wife came to Kaplan, Krauss & Levine, LLC for Long Term Care Insurance. We were able to obtain a policy for the husband at a high rating class, but the wife, a smoker and diabetic, had been declined by many companies. We negotiated with a different high rated company in order to issue her a competitive policy. Kaplan, Krauss & Levine, LLC was able to shop around and get each of them the right policy for their needs - an advantage over “captive agents” who can only place insurance with one company.

Disability Insurance
A doctor came to Kaplan, Krauss & Levine, LLC with a need for Disability Insurance. We obtained a policy with a company that will provide for the doctor should he be unable to perform his job. Many disability insurers do not have this stipulation, and will refuse benefits if the insured can do any job. This little known fact is why it is important to make sure you deal with an experienced broker when purchasing insurance.